Foundation Home Loans has completed its first residential securitisation worth £550m.
The deal was for a mixed portfolio of buy-to-let and owner-occupied home loans. It was priced on September 4 and titled Braccan 2024-1.
Foundation director of capital markets Steve Vance says: “The transaction was met with strong investor interest, with Class As achieving a price of 84 basis points over SONIA.
“The new deal reinforced our strong financial position, providing additional capacity to grow lending activities over the next 12 months and beyond.”
Chief executive Pete Ball adds: “We are very pleased to announce the completion of this £550m securitisation, the first in which we have both mixed buy-to-let and owner-occupation mortgage loans, and the first sterling RMBS deal to have priced after the summer.
“We have achieved excellent pricing for this transaction adding additional depth of maturity and diversification across the funding platform.
“We are encouraged by the level of market interest in our debut Braccan transaction.
“This successful execution gives us the funding tools to be able to continue on our growth lending journey, and allows us to continue offering competitive specialist mortgage products to both the residential and landlord borrower, across multiple different sectors.”
